Bitcoin and Ethereum Weekly Technical Analysis – August 31st, 2020
Bitcoin
It was a bullish start to the week. Bitcoin rose to a Monday intraweek high $11,847.0 before hitting reverse.
Falling short of the first major resistance level at $12,305 Bitcoin slid to a Tuesday intraweek low $11,137.0.
Bitcoin fell through the first major support level at $11,205, Bitcoin a moving back through to $11,700 levels on Sunday.
4 days in the green that included a 2.07% gain on Sunday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall through $11,571 pivot to support a run the first major resistance level at $12,006.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $11,847.
Barring an extended crypto rally, the first major resistance level and last week’s high would likely cap any upside.
In the event of a breakout, Bitcoin could test the second major resistance level at $12,281. Expect plenty of resistance at $12,000, however.
Failure to avoid a fall through the $11,571 pivot would bring the first major support level at $11,296 into play.
Barring an extended sell-off, Bitcoin should avoid sub-$11,000 and the second major support level at $10,861.
In the event of a sell-off, expect support at $10,500 to be tested in the week.
At the time of writing, Bitcoin was down by 0.02% to $11,727.2. A mixed start to the week saw Bitcoin fall to an early Monday morning low $11,713.0 before rising to a high $11,744.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Ethereum
A bullish start to the week saw Ethereum rise to a Monday high $411.97 hitting reverse.
Falling well short of the first major resistance level at $432.00, Ethereum slid to Tuesday intraweek low $369.36.
Ethereum steered clear of the 23.6% FIB of $367 and the first major support level at $364 in the pullback.
Finding support in the latter part of the week, Ethereum struck a Sunday intraweek high $429.90 before easing back. In spite of the rally, Ethereum came up short of the first major resistance level at $432.
5 days in the green that included a 4.31% gain on Monday and 7.62% rally on Sunday delivered the upside.
A 5.99% slide on Tuesday limited the upside for the week, however.
For the week ahead
Ethereum would need to avoid a fall through the $409 pivot to support a run at the first major resistance level at $449.
Support from the broader market would be needed, however, for Ethereum to break out from an early Monday high $430.55.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Ethereum could test the second major resistance level at $470.
Failure to avoid a fall through the $409 pivot would bring the first major support level at $389 into play.
Barring an extended broader-market sell-off, however, Ethereum should steer well clear of the 38.2% FIB of $367. The second major support level sits at $349.
At the time of writing, Ethereum was down by 0.42% to $427.14. A mixed start to the day saw Ethereum rise to an early Monday morning high $430.55 before falling to a low $424.11.
Ethereum left the major support and resistance levels untested at the start of the week.
article was originally posted on FX Empire” data-reactid=”85″>This article was originally posted on FX Empire
